According to a new market research report titled, “Non-Destructive Testing Market by Solution (Instruments, Software, Testing Services), Method (Volumetric, Surface Examination), End-User (Oil & Gas, Automotive & Heavy Engineering, Aerospace & Defense, Power Generation)– Global Forecast to 2028’, published by Meticulous Research®, the non-destructive testing (NDT) market is expected to grow at a CAGR of 7.4% from 2021 to 2028 to reach $15.07 billion by 2028.
Download Free Sample Report Now: https://www.meticulousresearch.com/download-sample-report/cp_id=5118
NDT includes a comprehensive range of methods used to evaluate the properties of a part, material, product, or system without causing any effect on the integrity of the unit being inspected or investigated under the test procedure. These tests find its applications across multiple industry verticals, such as automotive & heavy engineering, aerospace & defense, oil & gas, power generation, and manufacturing. NDT is widely used in manufacturing & process industries as it increases the quality & ergonomics of products, maintains safety standards in factories, and supports in the maintenance & inspection. The non-destructive testing market is driven by factors such as stringent government regulations regarding the safety of assets, rising need to assess the structural integrity of aging infrastructure, and application of advanced materials in manufacturing processes. However, the lack of proper training for NDT personnel and the expensive nature of NDT equipment are factors restraining the growth of this market.
Impact of COVID-19 on the Non-Destructive Testing Market
The COVID-19 pandemic had a significant impact on most industries, with some industries either shutting down operations completely following the directives issued by local governments or running operations with minimal staff to ensure the safety of the workforce. Manufacturing units around the world halted operations temporarily. The retail sector recorded a sharp decline in footfalls, and the revenues of major companies decreased significantly. Non-destructive testing, which is an important industrial process, was severely impacted due to reduced economic activity across various industries.
The pandemic effect on the NDT industry was higher due to declined automotive production, reduced requirement of petroleum products, disrupted supply chain, and compromised investments. Further, the global travel ban also severely impacted the aerospace industry with ~40% to 60% reduction in passenger traffic across major regions. Despite huge losses, the market is expected to witness a slow recovery once the situation normalizes.
The global non-destructive testing market is segmented based on solution (instruments, software, testing services, and ancillary services), method (volumetric examination, surface examination, visual examination, and others), and end user (oil & gas, automotive & heavy engineering, aerospace & defense, power generation, manufacturing, public infrastructure, medical & healthcare, and others), and geography.
Have Any Query? Ask To Analyst: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5118
Based on solution, the NDT market is segmented into instruments, software, testing services, and ancillary services. In 2021, the testing services segment is estimated to account for the largest share of the overall NDT market. Moreover, this segment is also expected to grow at the highest CAGR during the forecasted period. The increasing demand for safety standards in process industries, rising need to examine aging public infrastructure, and increasing efficiency of assets are the major drivers for the growth of this segment. Safety standards are becoming increasingly stringent across many industrial sectors. The demand for non-destructive testing services is majorly driven by industries, such as aerospace & defense, power generation, automotive, and manufacturing, which are constantly innovating their product offerings and services to increase safety and efficiency.
Based on method, the non-destructive testing market is segmented into volumetric examination, surface examination, visual examination, and others. In 2021, the volumetric examination segment is estimated to command the largest share of the overall NDT market. The large share of this segment is primarily attributed to the widespread use of volumetric examination in the oil & gas industry to inspect pipelines carrying oil for petroleum refining processes and growing research & development in advanced materials for the manufacturing industry to deliver products with better weight-to-strength properties and aesthetics. However, the visual examination segment is projected to grow at the highest CAGR during the forecast period.
Based on end user, the NDT market is segmented into oil & gas, automotive & heavy engineering, aerospace & defense, power generation, manufacturing, public infrastructure, medical & healthcare, and other end users. In 2021, the oil & gas segment is poised to account for the largest share of the overall NDT market. This can be attributed to the increasing demand for energy across the globe; rising need to maintain safety, integrity, reliability of plant & machineries; and stringent environmental protection laws and other regulations.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (France, Germany, Spain, Italy, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Latin America, and the Middle East & Africa. In 2021, North America is expected to command the largest share of the global non-destructive testing market, followed by Asia-Pacific and Europe. North America's large share can be attributed to the presence of large-scale manufacturing industries in the region, especially in the automotive & heavy engineering, oil & gas, aerospace & defense, and power generation sectors. Further, the demand for non-destructive testing has increased significantly due to the growing need to monitor the structural health and integrity of assets and carry out predictive maintenance among various industries. These market conditions provide vast opportunities for non-destructive testing market players operating in North America.
Quick Buy – Non-Destructive Testing Market- Global Opportunity Analysis and Industry Forecast (2021-2028), Research Report: https://www.meticulousresearch.com/Checkout/88811880
However, the Asia-Pacific region is projected to show lucrative growth potential for the non-destructive testing market during the analysis period. The high growth of this regional market is attributed to the steady inflow of foreign direct investments in the region, rising demand for remote visual inspection of assets in the regional aerospace industry, stringent government safety rules, and growing use of automated NDT devices in the power industry due to increasing investments in nuclear energy, and other non-renewable energy sources.
The key players operating in the global non-destructive testing market are Mistras Group Inc. (U.S.), Olympus Corporation (Japan), Nikon Metrology Inc. (U.S.), Magnaflux Corporation (U.S.), Zetec Inc. (U.S.), Eddfyi Technologies (Canada), YXLON International GmbH (Germany), Sonatest Ltd. (U.K.), Carestream Health (U.S.), Intertek Group Plc (U.K.), and SGS SA (U.S.) among others.
Non-destructive Testing Market Scope:
NDT Market, by Solution
- Instrumentation
- Detectors
- Transducers & Probes
- Gauges
- Scanners
- Microscopes
- Others (UV Lamps, Indicators, & Meters)
- Software
- Testing Services
- Acoustic Emission Testing
- Eddy Current Testing
- Alternating Current Field Measurement (ACFM)
- Remote-field Testing (RFT)
- Eddy-current Array (ECA)
- Magnetic Particle Testing
- Liquid Penetrant Testing
- Radiography Testing
- X-ray Testing
- Gamma-ray Testing
- Computed Radiography
- Film Radiography
- Direct Radiography (Real-time)
- Ultrasonic Testing
- Straight Beam Testing
- Angle Beam Testing
- Immersion Testing
- Guided Wave Testing
- Phased Array Testing
- Time-of-flight Diffraction (TOFD)
- Visual Testing
- Unaided Visual Inspection
- Aided Visual Inspection
- Others
- Ancillary Services
- Equipment Rental Services
- Training Services
- Calibration Services
NDT Market, by End User
- Oil & Gas
- Automotive & Heavy engineering
- Aerospace and Defense
- Power Generation
- Manufacturing
- Public Infrastructure
- Medical & Healthcare
- Others
NDT Market, by Method
- Volumetric Examination
- Surface Examination
- Visual Examination
- Others
NDT Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of RoAPAC
- Latin America
- Middle East and Africa
Request Free Report Sample Now: https://www.meticulousresearch.com/request-sample-report/cp_id=5118
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- [email protected]
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
COVID-19 Impact Analysis on Non-Destructive Testing Instruments Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the non-destructive testing instruments market include Gеnеrаl Еlесtrіс, Оlуmрuѕ Соrроrаtіоn, Міѕtrаѕ, Nіkоn, Маgnаfluх, YХLОN, Fuјіfіlm, Ѕоnаtеѕt, Zеtес, Іnс., Воѕеllо Ніgh Тесhnоlоgу ѕrl and Unіоn.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Non-Destructive Testing Instruments Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/non-destructive-testing-instruments-market/download-sampleMarket DynamicsThe market is mainly driven by strict rules imposed by various governments regarding public safety and quality of the product.
Further, growing construction activities across the globe and rising demand for electricity due to rapid urbanization and the growing population bolstered the demand over the forecast period.
However, high initial investment costs may hamper the market to some extent.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
In this article, we have discussed What are the Techniques & Applications of Non-Destructive Testing.
It is a collection of techniques that incudes testing of equipment and machinery many more things for safety.
To continue to read more click here.
